Search Results
7/13/2025, 11:05:33 AM
>>63976822
Short answer: China, India, and lots of debt.
Longer answer: Since 2014 they de-dollarised and de-Europeanised. The main hit to their oil/gas revenues by the EU is in the form of gas since Europe bought all of Russia's gas, and most of Russia's gas is in the European Arctic. For interest, Russia has the world's largest proven gas reserves.
They are now effectively bankrolled by Indian Rupees and Chinese Yuan for their exports. Turkey too - the Turkish dimension to all of this warrants a doctoral thesis paper desu. Sanctions have had some effect but a lot passes through ex-USSR countries in the Caucusus and Central Asia before it reaches Russia. China too sells them European dual-use goods that end up in Russian weapons attacking Ukraine.
The domestic economy is also living off of credit. The government has burnt most of their sovereign wealth fund to recapitalise banks to encourage them to lend more to the civilian sector (but also heavily to the defence sector). See this guy's graph which is from Craig Kennedy's Navigating Russia report >>63976847
If US and Euro sanctions are to really make sense, then these 3rd party countries also need to be hit with some punishment for passing on goods to Russia. The Senate Big Beautiful Sanctions Bill might do the job.
Short answer: China, India, and lots of debt.
Longer answer: Since 2014 they de-dollarised and de-Europeanised. The main hit to their oil/gas revenues by the EU is in the form of gas since Europe bought all of Russia's gas, and most of Russia's gas is in the European Arctic. For interest, Russia has the world's largest proven gas reserves.
They are now effectively bankrolled by Indian Rupees and Chinese Yuan for their exports. Turkey too - the Turkish dimension to all of this warrants a doctoral thesis paper desu. Sanctions have had some effect but a lot passes through ex-USSR countries in the Caucusus and Central Asia before it reaches Russia. China too sells them European dual-use goods that end up in Russian weapons attacking Ukraine.
The domestic economy is also living off of credit. The government has burnt most of their sovereign wealth fund to recapitalise banks to encourage them to lend more to the civilian sector (but also heavily to the defence sector). See this guy's graph which is from Craig Kennedy's Navigating Russia report >>63976847
If US and Euro sanctions are to really make sense, then these 3rd party countries also need to be hit with some punishment for passing on goods to Russia. The Senate Big Beautiful Sanctions Bill might do the job.
Page 1